If you are buying a Volt and finance it through Bank of America—they will consider that an “environmental” financing. Were you to buy a used clothing store, and finance it through B of A—that could be considered an environmental financing (as explained to Congress the other day.
“Areas of focus will include energy efficiency in residential, commercial and public buildings; renewable energy and related infrastructure; transportation such as electric vehicles; and water and waste.
BofA (NYSE: BAC) also plans to work with traditional businesses in agriculture, forestry, transportation, technology, retail and healthcare to advance low-carbon activities. In other words, such commitments cover a lot of lending activity that might have occurred anyway.
California’s largest bank also said it will work to reduce the environmental impact of its own operations.”
Really does not matter what Bank of America promises—in less than two years it will be sold and disappear as a brand—deservedly.
Bank of America makes 10-year, $50 billion commitment for environmental financing
San Francisco Business Times by Mark Calvey, 6/11/12
Bank of America said Monday that it plans to make $100 million in grants and low-interest loans to nonprofits as part of a new 10-year, $50 billion lending commitment.
The new commitment follows the early completion of a similar program in which the bank said it would commit $20 billion over 10 years to environmental businesses.
“We met our prior goal in about half the time we set for ourselves, so more than doubling our target is ambitious but achievable,” said BofA CEO Brian Moynihan.
In April, Wells Fargo (NYSE: WFC) made a similar $30 billion commitment and this month Goldman Sachs (NYSE: GS) made a $40 billion commitment.
BofA said reaching the $50 billion goal will primarily involve lending, equipment finance, capital markets and advisory activity, carbon finance and advice and investment services.
Areas of focus will include energy efficiency in residential, commercial and public buildings; renewable energy and related infrastructure; transportation such as electric vehicles; and water and waste.
BofA (NYSE: BAC) also plans to work with traditional businesses in agriculture, forestry, transportation, technology, retail and healthcare to advance low-carbon activities. In other words, such commitments cover a lot of lending activity that might have occurred anyway.
California’s largest bank also said it will work to reduce the environmental impact of its own operations.
The New York Times said today that such lending commitments could be viewed as the “greening of Wall Street.”
Long-term lending commitments became popular to garner public support for big mergers over the past two decades.
